Pacer Reports 4Q Loss, Full-Year Profit; Sees Intermodal Growth in 2011
Pacer International reported a fourth-quarter loss but said it turned a profit for the full year.
Pacer lost $1.1 million, or 3 cents a share, compared with a profit of $9.3 million, or 27 cents, in the same quarter a year ago. Income from operations was $1 million, compared with $18.3 million a year ago.
Revenue fell to $373.3 million, from $420.2 million a year ago, the transportation and third-party logistics firm said late Wednesday.
For the full year, Pacer earned $900,000, or 3 cents a share, from a loss of $174.8 million, or $5.08, in 2009. Revenue slipped slightly to $1.5 billion.
Pacer said in a statement that given the significant changes in its business model last year, it expects revenue to grow 6% to 8% over 2010 driven by continued growth in its intermodal and international logistics businesses, projecting earnings per share of25 and 30 cents per share.
